Indian markets opened weak but gained momentum with BSE-Sensex gaining over 100 points and NSE-Nifty gaining over 20 points. S&P BSE Midcap and S&P BSE Smallcap have clearly outperformed the market. The midcap and smallcap stocks have gained 0.8% and 1%, respectively. Price of precious metals have shown movement, but just. Price of Gold is trading at Rs 26,465 per 10 grams, down 0.2% while the price of Silver slipped 0.15%; at Rs 36,600 per kilogram. Price of crude oil has fallen over 1% and is trading at Rs. 3,114 per barrel. The Indian rupee has fallen marginally by 0.06 at 61.81 against the US Dollar.
Asian equity markets closed in the red as Hang Seng lost 0.7% while Shanghai lost 2.2%. Nikkei closed marginally in the red with a loss of 0.06%. However, Kospi and Taiwan Weighted gained 0.2% and 0.05%, respectively.
The automobile sector's movement is flattish in this trading session. Disappointing numbers from Mahindra and Mahindra evaporated investors' positive sentiment towards the sector. M&M reported its sale figures fell by 10% YoY for the month of February. The company sold 38,033 units compared to 42,166 units same period last year. Domestic sales fell 11% YoY with sales coming at 34,918 units compared to 39,338 recorded last year. On the positive side, export figures increased by 10% YoY to 3,115 from previous year's figure of 2,828. Stock price of the company fell nearly 3%.
The Indian hotels sector is trading positively especially after the Budget 2015; which brought good news for Indian tourism. Hotel Leela is leading from the front in terms of gains among the hotel stocks today. Stock price of Hotel Leela rose as much as 12% after the company announced that it will sell two hotels to curb its rising debt. The two hotels which are for sale are namely The Leela Goa and The Leela Palace Chennai. Last fiscal, the hotel is reported to have a debt of Rs 45 bn. To reduce debt, Hotel had sold Leela Kovalam, located at Kerala, about 4 years back for Rs 5 bn. Indian markets pare early losses